NutraLife Biosciences has released its financial results for its Q1 2019 with a quarterly revenue of US$720,799. Cleanroom construction cost impacted profit, but the nutraceutical company’s total assets still went from $1.8m in 2018 to $4.5m in 2019. This is an increase of 144%.
The Loss from Operations is the result of increases in expenses related to the company’s positioning for growth. An increase in production capacity incurred significant expenses related to the purchase of supplies and inventory needed to support it. In addition, the concurrent staffing increase resulted in higher payroll costs during the quarter.
The increase in supplies and staffing costs directly impacted the costs of sales for this quarter. Other expenses were incurred related to R&D and marketing costs that directly impacted the company’s general and administrative expenses for the quarter.
Investing activities aggregated to $860,000, consisting of the purchase of property and equipment totalling $730,000 and the acquisition of intellectual property of $130,000.
The property and equipment represent payments made towards the construction of a 9,000 sqft modular cleanroom and processing equipment for use at the company’s new facility. The intellectual property is a patent for a dermal patch to prevent bites from insects, including mosquitoes.
In March this year, the company also went through a name change. Prior to this, the company was called Nutrafuels, but the company believes that the name, NutraLife BioSciences better reflects its current and planned future operations.